NEW DELHI: India, the world’s third-largest energy consumer, has told Saudi Arabia and other OPEC nations that high oil prices will hurt the nascent economic recovery the world is witnessing after the devastating pandemic and that they have to price oil at reasonable levels, a top official said on Monday.
Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May.
India, which imports almost two-thirds of its oil needs from West Asia, has told crude oil producers, including the Organisation of Petroleum Exporting Countries (OPEC), that high oil prices will hasten the transition to alternate fuels and such rates will be counter-productive for the producers, the official said.
“Oil prices have to strike a balance between the interests of the producers and consumers. Right now they are really high because the demand is more than the supplies,” the official, who wished not to be named, said.
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